Byteball Bytes (GBYTE)

Posted by

The core difference that makes Byteball Bytes stand out is that the system does not rely on blocks of any kind. The entirety of the chain is composed of transaction records.

Joke Name

Byteball Bytes = Private Data

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (GBYTE)

Coin or Token

Circulating Supply (679 Thousand)

Total Supply (1 Million)

Market Cap Ranking

Review

Byteball is a safe, decentralized data storage no third-party or even the core team can edit or change. The core difference that makes Byteball Bytes stand out is that the system does not rely on blocks of any kind. They are simply absent from the system.

The entirety of the chain is composed of transaction records. Users are the ones securing each other’s data by simply referencing earlier data units.

Key Features

  • Why is it simpler?
  • Use cases

Why is it simpler?

A user can add his transaction records into the database. And they will be added. There’s no need for miners creating the block, there’s no place for the random chance of your transaction being included into said block or not.

Byteballs Bytes have developed their consensus algorithm to manage transactions in the system. It works by pinpointing an appropriate chain that gravitates towards the units that reputable, commonly recognized users like well-known investors or experts are issuing.

Use cases

Why and how would people use a “blockless” database?

  • A full-blown ICO platform. You can show that your tokens are demanded and approved by reputable players in the industry. The platform Byteball offers also includes investor accreditation features, a built-in search for them that helps entrepreneurs spread their word and a token sale mechanism that works from the box.
    An app store for dApps. Developers who are creating decentralized applications can use Byteball as an app store while the data collected in the base simplifies the search for the audience.
  • Conditional payments. Byteballs has also set up the mechanics for conditional payments. They work like smart contracts, but with certain criteria. If that criterion is not met by the receiver, you’ll get your money back. This level of risk-free payments was not introduced in blockchain in any other project prior to Byteball.
  • Insurance. You can buy insurance from unfortunate events in the network or you can sell it for profit. The conditional payments play a huge role in making this system possible.
  • Prediction-based investments. The conditional payments allow for the development of a betting system on the blockchain. You can simply create a smart contract predicting the outcome of an event like a football game and the funds will only be issued if the conditions of “victory” are met. This opens a new doorway for the gambling industry into the world of trustless, decentralized, automated operations.
  • User-based security. The transactions registered in the network are not sored nor managed by a single entity. They are created by users and linked to them directly. Then new transactions are made and linked on top of the existing ones. This way the users, and the users alone are responsible for maintaining the network.

Blackbytes

Byteball introduces Blackbytes, a cash-like cryptocurrency that’s even more private than altcoins. None of the transactions performed in Blackbytes are registered in the public ledger as they are 100% p2p-based.
There’s also a neat little Tor switch in the wallet for all the privacy in the world.

May this open a gateway for something shady? Yes, yes it can. But it can also benefit those who wish to remain incognito while going on with their daily lives.

Conclusion

Bytaball looks like an interesting project with a lot of potential. It can cater its services to the gambling and insurance niches that, reputation aside, have a proven track record of making money for investors.

Pros

  • Privacy
  • Working platform

Cons

  • No direct backing (asset, profits, commodity)
  • Limited exchanges